International Bank of Azerbaijan Takes An Integrated Approach To Prevent Financial Crime Using FICO Solution

Rhea-AI Summary

The International Bank of Azerbaijan (IBA) has successfully implemented the FICO® Siron® solution to enhance its capabilities in combating money laundering and terrorist financing. The integrated system, initiated in 2019 and executed by RDTEX, comprises three automated modules: customer behavior monitoring, risk screening, and real-time transaction screening. This initiative aims to minimize compliance risks and meet regulatory standards. IBA's managing director emphasized the importance of this solution in maintaining the bank's leadership and compliance in Azerbaijan's banking sector.

Positive

• Successful implementation of FICO® Siron® solution enhances IBA's anti-money laundering capabilities.
• The integrated system automates compliance processes, minimizing risks and related costs.
• The project aligns IBA with both national and international regulatory requirements.

Negative

• None.

LONDON, July 22, 2020 /PRNewswire/ -- The International Bank of Azerbaijan (IBA) has announced that a system based on the FICO® Siron® solution has been successfully implemented to provide an integrated approach to combat money laundering and terrorist financing.

For more information https://www.fico.com/en/products/compliance

The system incorporates three modules that allow maximum automation of combating money laundering and terrorist financing by means of customer behavior and transaction monitoring (Siron^® AML), customer risk screening and rating (Siron^® KYC) and real-time transaction screening (Siron^® Embargo).

The bank's authorized employees are provided with the access to the system components to make both real-time decisions as well as performing retrospective operational analysis. For the bank, the solution based on FICO software minimized compliance risks while also meeting regulatory requirements.

The project on automation for combating money laundering and terrorist financing processes in the International Bank of Azerbaijan started in 2019. Siron^® solutions were implemented by RDTEX, a FICO Certified Partner.

"With its wide network of foreign correspondents and the largest customer base, the International Bank of Azerbaijan is the leading bank in the Republic of Azerbaijan and sees one of its major priorities as fighting against financial crime while meeting all regulatory requirements and compliance procedures," noted Fuad Islamov, managing director at IBA. "Applying FICO Siron software enables the bank to substantially and fully comply with both national and international legislation, standards and requirements of local regulatory authorities and foreign partners as well as to minimize risks and optimize the related costs. By implementing FICO Siron software, the International Bank of Azerbaijan has completed another important project that alongside with other innovations allows our bank to keep the leading position in the country's banking sector and remain a highly valued international partner. We are thankful both to FICO and RDTEX for their cooperation and collaborative effort during the software implementation process. We hope this collaboration will continue in the future."

"As a leading international bank, IBA is at the front line in the war against financial crime. The challenge here is to comply with international and local regulations and minimizing the bank's risk exposure while having associated costs under control to stay competitive," commented Dr Sebastian Hetzler, vice president for compliance solutions at FICO TONBELLER. "We have worked closely with the bank to help implement change and introduce new systems with minimum disruption to its day-to-day operations.  It is gratifying to see all our hard work pay off as the bank meets both its strategic goals and regulatory requirements."

"We would like to commend the proficiency of the bank's project team and their deep understanding of IBA's customer needs," said Anna Dmitrakova, director of the financial solutions sales department at RDTEX. "We are confident that the bank's increased efficiency in combating financial crime is a direct result of the collaborative efforts of a project team comprising of experts from all three stakeholders - the International Bank of Azerbaijan, FICO and RDTEX."

FICO^® Siron^® Anti-Financial Crime Solutions Suite includes a full range of modular solutions with extensive functionality satisfying customers' requirements and allowing to combat money laundering and terrorist financing. The modularity of the solution allows you to vary product combinations. This enables firms to get tailor-made solutions against money-laundering, fraud, terrorist financing, and to comply with both customers' demands and regulatory requirements.

About the International Bank of Azerbaijan

The International Bank of Azerbaijan (IBA) is the largest financial institution both in the Republic of Azerbaijan and the Caucasus region. The bank has a very diversified branch network across the country, which consists of 36 branches and 38 sub-branches. Currently the bank has the largest corporate segment in the country's banking sector, serving the biggest enterprises in the oil & gas industry, transportation, manufacturing, trade, services, telecommunications, etc. The IBA also holds the leading position in Azerbaijan in the number of international payment systems that are the bank's partners. This partnership makes possible the introduction of innovative card products, as well as services and privileges for the bank customers around the world. Also, the ATM network of the bank is the most numerous in Azerbaijan. Developing its e-commerce infrastructure, the IBA tries to promote the expansion of cashless payments in the country.

About RDTEX

RDTEX was established in 1992 and for 28 years has been executing projects that improve efficiency and competitiveness of its customers' businesses. Services delivered by RDTEX include development and implementation of information systems, management consulting and technological consulting.

RDTEX has successfully completed more than 700 projects that embrace the development of unique information and analytical solutions as well as generic solutions for large state and commercial organizations. These solutions are based on software products from global vendors who are leaders in the enterprise software market - Oracle, ABBYY, FICO, Huawei, IBM, Informatica, Microsoft, SAS, TmaxSoft.    

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

FICO and Siron are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.

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SOURCE FICO

FAQ

What is the FICO Siron solution implemented by the International Bank of Azerbaijan?

The FICO Siron solution is a system designed to combat money laundering and terrorist financing through automated monitoring and screening processes.

When did the International Bank of Azerbaijan start implementing the FICO solution?

The implementation of the FICO solution began in 2019.

What are the main components of the FICO Siron solution used by IBA?

The main components include customer behavior monitoring, risk screening, and real-time transaction screening.

How does the FICO Siron solution help the International Bank of Azerbaijan?

It minimizes compliance risks and helps meet regulatory standards, enhancing IBA's operational efficiency.

Who partnered with the International Bank of Azerbaijan to implement the FICO solution?

RDTEX, a FICO Certified Partner, successfully implemented the FICO Siron solution for IBA.